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Good Monday morning,
What a beautiful planet we live on, yet it can be a scary place. Case in point: the U.S has had to attack Iran and destroy their nuclear facilities a few days ago to keep them from arming and using these deadly weapons of mass destruction. It is a shame that in this day and age we are still talking about good vs evil, but I guess it will be like this forever. That being said, we are here to talk about the markets, and traders and investors around the world seem to be taking the news all in stride! Futures are basically flat after a sharp drop once they opened last evening.
In the profile pic and key levels, prices are back inside Friday's range, and back above the first key level at 6010.75 (POC). If buyers keep prices above the Point of Control, or anywhere near that level, then the sellers will be disappointed. After all, those who went home short Friday were feeling very good once they heard the news about the attack, and yet this morning, they are basically getting nothing for their efforts. Now, the next key level will be the overnight high and half-back from Friday at 6037, and is price explores above that, we could see upper targets at 6055-6065
If sellers, take price back below 6010.70, then look for lower targets at 5980-5970, and then the overnight low at 5959. We currently sit in a large, five day balance area between 6110 - 5960, so a 150 point range puts buyers and sellers in a fierce battle. Continue to stay fluid!
Futures are currently trading at 6023 at the time of this writing.
VPOC Update: No new VPOC's added or taken out Friday, so we still have 4 above and 21 below. 6091 is the closest above.
TARGETS AND KEY LEVELS TO WATCH:
/ES upside target is: 6055 - 6065
Key Levels: 6010.75 POC then 6037 Overnight high and 1/2 back
downside target is: 6005 - 5995
/NQ upside target is: 22,000 - 22,050
Key Level: 21,850 POC
downside target is : 21,700 - 21,650
/RTY upside target is: 2145 - 2155
downside target is: 2110 - 2100
Economic Data : Green / Red Star Events
PMI Composite Flash @ 9:45 AM ET
Existing Home Sales @ 10:00 AM ET
Michelle Bowman Speaks @ 10:00 AM ET
3-Month Bill Auction @ 11:30 AM ET
6-Month Bill Auction @ 11:30 AM ET
Austan Goolsbee Speaks @ 1:10 PM ET
Adriana Kugler Speaks @ 2:30 PM ET
More Color By : Rich Rickus
- /ES - Key Demand $6000- 6005 then below at $5960 with Supply above at $6080-6070
Bullish : Sellers trapped above $5960 looking to play a break and retest above $5965 long targeting $6005 then $6045
Bearish Buyers trapped below $59960 looking to play short after a break and retest below $5955 targeting $65926 then a break down into $5890s
- SPY Key demand at then at $592-m 591 with Supply above at $596-597
Bullish Sellers trapped above $597 looking to play a break and retest from $598 long targeting $600 then a breakout mid high $602’s
Bearish Buyers trapped below $596 after a break and retest below $595 targeting $593 then a breakdown into $591
- /NQ Key demand at $21700- 21650 then at $21500with Supply above at $21950 then at $22175
Bullish Sellers trapped above $21950 looking to play a break and retest above $22000 long targeting $22100 then a breakout back into low $22250
Bearish Buyers trapped below $21650 looking to play short from below $21600 targeting $21500 hen $21400s
- QQQ Key Demand at $521-522 then at $524 with Supply at $528-529
Bullish Sellers trapped above $524 looking to play a break and retest from $525 targeting $526 then a breakout into low mid $528’s
Bearish Buyers trapped below $524 looking to play a break and retest short from $523 targeting $521 then $520
Have a great day and stay safe!
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